FCMB Group Plc has released its financial results for the first quarter of 2023, showcasing the remarkable success of its digital banking initiatives across various business segments. According to the report, the bank’s focus on digital strategies and investments has yielded significant traction and contributed to its overall performance during this period.
One of the key highlights of the first quarter is the substantial growth in digital revenues, which accounted for 12.0% of FCMB Group’s gross earnings. This amounts to an equivalent of N10.0 billion. This impressive figure underscores the bank’s commitment to leveraging digital solutions to enhance customer experiences and drive financial inclusion.
Mr. Ladi Balogun, the Group Chief Executive of FCMB, expressed his satisfaction with the results, stating that:
“This strategy enables us to deliver robust performance despite the challenging domestic and global environment. Barring unforeseen circumstances, we believe our growth trend will be sustained and accompanied by improving efficiencies arising from greater scale and ongoing digitization.”

The impact of digitalization was evident across FCMB Group’s various business lines. In terms of interest income, digital revenues represented 8.0% (₦5.2 billion), reflecting the increasing adoption of digital banking services by customers. This trend highlights the success of the bank’s efforts in promoting and facilitating digital transactions and engagements.
Furthermore, digital initiatives contributed 6.4% (₦76.3 billion) to FCMB Group’s loan book, demonstrating the bank’s focus on digital lending solutions. By embracing digital platforms and technologies, FCMB Group has been able to streamline and expedite its lending processes, providing customers with convenient access to credit facilities.
Revolutionalising loan access
FCMB has revolutionized the loan access process for its customers through the implementation of innovative digital solutions. With a strong focus on leveraging technology, FCMB has streamlined and expedited the loan application and approval process, providing customers with greater convenience and accessibility.
For instance, the bank has improved its loan platform, Fastcash, by integrating artificial intelligence (AI) technology. This enhancement aims to increase the accessibility of funds for individuals and households, particularly for addressing emergency financial obligations. The AI-powered system ensures that loans are offered under favorable repayment terms, making it easier for customers to manage their financial commitments.
FastCash instant digital loan product has made a significant impact, disbursing nearly N10 billion to over 290,000 Nigerians between January and March 2023. Since its launch in 2018, FastCash has facilitated the distribution of approximately 3.2 million loans totaling over N100 billion. This demonstrates the widespread adoption and success of the platform in providing accessible and efficient financial solutions to a large number of individuals.
The bank has successfully harnessed the power of digital channels to enhance customer experiences and deliver convenient banking services. Through its robust digital platforms, FCMB empowers customers with seamless and user-friendly banking experience.
Digital channels driving FCMB’s revenue
FCMB’s digital channels provide customers with a wide range of self-service options, enabling them to perform various banking transactions conveniently from the comfort of their homes or on the go. These channels include online banking platforms, mobile banking applications, USSD and interactive voice response (IVR) systems also known as Temi.
Digital channels also played a significant role in FCMB Group’s Asset Management business. Digital platforms accounted for 7.0% (₦10.0 billion) of the Assets Under Management (AUM), indicating the strength and effectiveness of the bank’s digital investment platforms. This achievement reflects FCMB Group’s ability to cater to the evolving needs of investors and deliver value through innovative digital solutions.


The financial results for the first quarter of 2023 showcased a significant increase in gross revenue for FCMB Group. Gross revenue rose by 50%, reaching N87.4 billion compared to N58.3 billion in the corresponding period of the previous year.
This remarkable growth can be attributed to a substantial 41.4% increase in interest income and an impressive 84.2% rise in non-interest income. These figures highlight the bank’s ability to generate substantial revenue across its diverse business lines.
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FCMB Group also witnessed a notable 25.1% year-on-year increase in total assets, reaching an impressive N3.1 trillion at the end of the first quarter of 2023. This growth showcases the bank’s effective management and expansion of its asset base, positioning it for further success in the fast-evolving financial services landscape.


Another significant achievement for FCMB Group during the first quarter was the acquisition of 500,000 new customers, pushing its customer base to 11.4 million. This growth reflects the bank’s commitment to delivering exceptional financial services and its ability to attract and retain a large and loyal customer base.
Furthermore, the bank recorded an impressive 78% increase in profit before tax, with N10.7 billion compared to N6 billion in the corresponding period of 2022. Additionally, the banking group, consumer finance, investment management, and investment banking segments also experienced notable growth rates of 108.8%, 6.1%, 47.0%, and 18.2% respectively.
FCMB Group is listed on the Nigerian Exchange Group (NGX) and serves over 11 million customers across four platforms: banking, consumer finance, investment management, and investment banking.
FCMB Group has experienced notable progress in its digital banking endeavors, which have played a significant role in its overall performance. This significant increase underscores the Group’s dedication to utilizing digital solutions to enrich customer experiences and promote financial inclusivity.